Sequans Communications (SQNS) PT Lowered to $9 at Needham & Company
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Needham & Company analyst Rajvindra S. Gill lowered the price target on Sequans Communications (NYSE: SQNS) to $9.00 (from $11.00) while maintaining a Buy rating, citing industry-wide supply shortages.
The analyst notes: "Last week, we had an opportunity to hear about recent developments from Sequans' CEO and CFO. While demand remains robust, we believe shortages are capping the upside to our 2H21/2022 estimates as capacity won’t come online from TSMC until late 2022. Therefore, we believe it's prudent to reduce our near-term / 2022 ests. Big picture though, while a Broadband IoT tailwind from the Jetpack/Verizon routers has faded, it is being replaced by demand for Massive IoT products, which is already strong and will fuel growth until 2023, we believe. We are lowering our PT to $9 (vs. $11) but believe the shares at current levels represent a compelling opportunity."
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